Johnson & Johnson to acquire Intra-Cellular for $132.00 per share in cash

Johnson & Johnson (JNJ) and Intra-Cellular Therapies (ITCI) announced that they have entered into a definitive agreement under which Johnson & Johnson will acquire all outstanding shares of Intra-Cellular Therapies for $132.00 per share in cash for a total equity value of approximately $14.6B. Under the terms of the agreement, Johnson & Johnson will acquire all outstanding shares of Intra-Cellular Therapies for a payment of $132.00 per share in cash. Johnson & Johnson expects to fund the transaction through a combination of cash on hand and debt. Johnson & Johnson expects to maintain a strong balance sheet and to continue to support its stated capital allocation priorities of R&D investment, competitive dividends, value-creating acquisitions, and strategic share repurchases. The closing of the transaction is expected to occur later this year subject to applicable regulatory approvals, approval by Intra-Cellular Therapies’ stockholders and other customary closing conditions for a transaction of this type. Following completion of the transaction, Intra-Cellular Therapies’ common stock will no longer be listed for trading on the Nasdaq Global Select Market. Johnson & Johnson will provide commentary on any potential impact to Adjusted Earnings Per Share from the transaction when it provides its initial full year 2025 guidance during the fourth quarter earnings call on Wednesday, January 22.